Gold prices rose due to U.S. rate cut expectations and Middle East geopolitical tensions.

Gold prices rose due to expectations of a U.S. rate cut in September and increasing geopolitical tensions in the Middle East. Focus shifted towards the Federal Reserve's policy meeting, with the rate futures market fully pricing in a 25 basis-point cut in September. Gold thrives in a low-interest rate environment and benefits from being a hedge against geopolitical and economic risks.